Urban Edge Properties Acquires Heritage Square Retail Property In Watchung, NJ From Seritage Growth Properties For $34M

Urban Edge Properties has acquired Heritage Square, a retail property located at 1640 US Route 22 in Watchung, New Jersey. The property spans 96,000 square feet and was purchased from Seritage Growth Properties for a total of $34 million. Notable tenants of the retail property include HomeSense, Sierra Trading, and Ulta. The transaction yielded a 7.8 percent capitalization rate for Urban Edge.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $34,000,000
• Square Footage: 96,000
• Property Address: 1640 US Route 22, Watchung, New Jersey
• Market: Watchung

Jeffrey S. Olson, representing Urban Edge Properties, acted as the buyer in the transaction. On the other hand, Andrea Olshan, representing Seritage Growth Properties, served as the seller. With this acquisition, Urban Edge Properties adds another valuable asset to its portfolio in the retail sector.